LIFamilies.com - Long Island, NY


RSS
Articles Business Directory Blog Real Estate Community Forum Shop My Family Contests

Log In Chat Index Search Rules Lingo Create Account

Quick navigation:   

what happens if your house doesnt appraise for what it is being sold for?

Posted By Message

raken40
soooo in love:)

Member since 5/05

4369 total posts

Name:
Karen

what happens if your house doesnt appraise for what it is being sold for?

now i'm worried...we are getting a house for $383k what if it doesnt appraise for that?

Posted 6/21/05 1:52 PM
 
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource
  |   Long Island Weddings

MrsR
My love.

Member since 5/05

6247 total posts

Name:
Jennifer

Re: what happens if your house doesnt appraise for what it is being sold for?

Then the bank probably wont mortgage it.
What makes you think it wont appraise for that?

Posted 6/21/05 1:53 PM
 

-Lisa-
---------------

Member since 5/05

6530 total posts

Name:
Lisa

Re: what happens if your house doesnt appraise for what it is being sold for?

Its not that the bank won't give you a mortgage, but you may have to come up with more cash or renegotiate with the seller.

For example, if your putting down 20% and the house price is $383K, then the bank will loan you 80% of $383K ($306,400)

but if the house is appraised at $375, then the bank will only loan you 80% of $375K ($300,000) and you have to make up the difference ($6400) or get the seller to lower the price.

This is assuming conventional financing. I'm sure there are other mortgage options out there than can help you out with this scenario but its never good for the deal when the house appraises lower.

Posted 6/21/05 2:59 PM
 

my3bugs
Mom of 2 Boys

Member since 5/05

4381 total posts

Name:

Re: what happens if your house doesnt appraise for what it is being sold for?

My house didn't appraise for the selling price and I hear that is common but I had no issues but then again we put down over 20%. But I hear the bank may cause you to get less in your mortgage which could be an issue if you are taking out a big mortgage.

Posted 6/21/05 3:38 PM
 
 

Potentially Related Topics:

Topic Posted By Started Replies Forum
Sold Our house Jen13 7/24/06 8 Home
We sold our house! Kelly9904 6/15/06 15 Home
If you've sold a house/condo/co-op..... Palebride 2/21/06 19 Home
Newlywed House SOLD Kirsten 1/11/06 10 Families Helping Families ™
We SOLD our house! Texas4Good 11/18/05 7 Home
Has anyone sold a house and bought a new one? Anniegrl 10/3/05 10 Home
 
Quick navigation:   
Currently 113348 users on the LIFamilies.com Chat
New Businesses
1 More Rep
Carleton Hall of East Islip
J&A Building Services
LaraMae Health Coaching
Sonic Wellness
Julbaby Photography LLC
Ideal Uniforms
Teresa Geraghty Photography
Camelot Dream Homes
Long Island Wedding Boutique
MB Febus- Rodan & Fields
Camp Harbor
Market America-Shop.com
ACM Basement Waterproofing
Travel Tom

      Follow LIWeddings on Facebook

      Follow LIFamilies on Twitter
Long Island Bridal Shows